ARMY AND NAVY CO-OPERATIVE.
I had written my article on the Budget before having had the advantage of perusing Lord Ebury's admirable speech to shareholders of the Army and Navy Co-operative Society. In that speech Lord Ebury made certain references to the Budget and to the national financial policy of to-day, to which I shall possibly make a further reference next week, and concerning which I need only say at the moment that he faithfully expressed the views of the City and, I believe, of most business men with regard to the situation. -With regard to the affairs of his own company, Lord Ebury was able to make a most satisfactory statement both as regards the results achieved for the past year and for the period of the seven years which has covered his chairmanship of the Society. I regard first, the progress in earnings, and second, the stability achieved as remarkable instances of what may be accomplished when the chairman of a concern is a man of energy and con- centrates his whole time and attention upon the affairs of the company of which he is the head. Seven years ago the Army and Navy Co-operative Society was paying dividends of 15 per cent. absorbing £123,000, while for the past six years the distribution has been at the rate of 25 per cent. absorbing £205,000. During this same period the General Reserves have increased by £101,000, while the balance available for distribution has increased by just over £200,000. Like many other business men, Lord Ebury fears that industrial recovery -will be retarded by Socialist finance, and, indeed, in the _case of his own company he shows specifically the check imposed upon schemes of extension involving further capital outlays. Of one thing, however, there can be no doubt, namely, that everything that is possible to offset these depressing influences will be done under the chairmanship of Lord Ebury.
A. W. K.
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